May 4th, 2010
01:06 PM ET
4 years ago

CNNMoney.com: The risks and rewards of offshore drilling

New York (CNNMoney.com) - The spilled oil lapping at Gulf Coast beaches and wetlands is one tragic result of offshore drilling.

As the administration's plans to expand drilling proceed, what do we get in exchange for putting more of our coastal environment, and the fishing and tourism economies that depend on it, at risk?

Full story on CNNMoney.com


Filed under: Energy • Obama administration
soundoff (21 Responses)
  1. Get A Grip

    Maybe if Obama and his administration hadn't waited ten days after the accident happened to do or say anything, things at this point would have been better. That's what happens when you have an administration that has no idea how to run this country.

    May 4, 2010 01:11 pm at 1:11 pm |
  2. Willy Brown

    Just drill here drillnow or unless you liberals have a better idea than just keep buying oil from people who don't like us anyway making them rich and us poor.

    May 4, 2010 01:15 pm at 1:15 pm |
  3. j

    For now, offshore drilling is a dead issue and will be for some time. Now we need to focus on changing over to alternative, clear, renewable sources before we become the dinosaurs of the future.

    May 4, 2010 01:18 pm at 1:18 pm |
  4. Liz the First

    More offshsore drilling is the worst possible answer to our energy problem. it's short-term at best. Oil is a finite resource. When we choose the economy over the health of the planet, both lose! How much damage in lost fishing, tourism, etc, not to mention falling home prices, is this spill going to do for months or years to come? how will the economy fare if the antarctic ice shelf and iceland's glaciers melt and raise the sea level enough to inundate the world's coastal cities??? how shortsighted can people be?

    all these folks denying climate change, what qualifies them to say that the consensus reached by real scientists who've spent their lives studying the issue are wrong? the answer is nothing! they are cowards who can't handle the truth that we're destroying our home. fossil fuel consumption is killing the planet. we have the technology to start weaning ourselves off it and if we don't do it soon, our economy will be ruined by climate change. but switching to green power can save the planet AND THE ECONOMY! hey, i'm a capitalist. but i'm also an environmentalist. there doesn't have to be a conflict between these two as long as we do both right and responsibly.

    May 4, 2010 01:19 pm at 1:19 pm |
  5. Continue Oil Drilling!!

    This oil spill is a tragic situation. There is a lot at stake, a lot that can be lost due to this spill, however, with our technology we should be able to clean this up and move on. For years there will be repercussions from this. When we have an aircraft go down, when the 9/11 terrorists attacks occurred we have bounced back. We still fly aircraft. We don't stop living because of 9/11. We move on and learn how to prevent these events from occurring in the future. When Challenger went down we didn't stop our Space Exploration because of it. No, we studied and learned from what happened and went forward.

    If we do not move forward with the building of a replacement oil drilling rigs then the only winners are the Middle East Countries.

    May 4, 2010 01:20 pm at 1:20 pm |
  6. Victim of GOP Taliban

    Obviously the Republican laissez-faire let business do whatever they want with no regulations is an abysmal failure. No matter how many banner ads on cnn.com and API lobby commercials are aired 24/7 – you can't fool us. We need to transition off oil and dramatically reduce our consumption.

    May 4, 2010 01:22 pm at 1:22 pm |
  7. mel

    Bad news for Republicans,a poll just came out from Telemundo,the Hispanic Cummunity now supports the Democrats 82%,thats up from 56% last month,the Gop was gaining ground on the Democrats until ARZ passed that law almost 2 weeks ago,this is very bad news for the Gop,theres no way they can win back the Whitehouse now,82% of hispanics now support the Democrats,and 65% said they is going to vote in november up from 42% a month ago,the media needs to start focusing on this,because this could be the end of the Gop as we know it

    May 4, 2010 01:26 pm at 1:26 pm |
  8. doug

    With millions of Democrats wanting to sabatoge these rigs, they must amp up security so that this doesn't happen again.

    May 4, 2010 01:26 pm at 1:26 pm |
  9. Cosmo

    "What do we get in exchange for putting more of our coastal environment, and the fishing and tourism economies that depend on it, at risk?
    The oil companies get huge profits and subsidies from the federal government (corporate welfare) while shifting the risk to the American taxpayer by lobbying for and having their paid for friends in Washington pass a law capping the amount that an oil company has to pay for the clean-up from an oil spill at $75 million, the lobbyists and politicians get rich, Americans get to continue to drive their SUV's and oversize trucks , while the people where the oil slick lands are wiped out and America losses its chance to take the lead in alternate energy source technology which might bring back some manufacturing jobs to this country. Smarten up America.

    May 4, 2010 01:31 pm at 1:31 pm |
  10. Albert R. Killackey, Esq.

    “Offshore drilling” is a euphemism for “Shoreline catastrophe.” As the oil continues gushing from the sea floor, hurricane season is only four weeks away. Imagine our near future. Oil dependency is the cause of environmental and economic catastrophes, global warming, war and only enriches the Middle East. What we get from all this is the message that It is time to focus all attention on transfering to the Green Revolution and Kill the drill!

    May 4, 2010 01:31 pm at 1:31 pm |
  11. Claudia, Houston, Tx

    Driving a car is a risk but we keep driving. Life is full of unforeseen risk, but life goes and this too will pass.

    May 4, 2010 01:32 pm at 1:32 pm |
  12. Dan

    It saddens me hearing about the environmental possibilities.
    I feel sorry for those whose livelihood depends on the Gulf and fishing/shrimping that could be devastated by this.

    I heard many of the same things after 3 mile island.

    Here's a couple old sayings to sum up what will happen.
    1) Time heals all wounds.
    2) Out of sight, out of mind.

    If this goes on for months, it will take years for people to forgive and forget. If it's resolved in a week, people will forget in in a month.

    Regardless, there's going to be a lot of pressure to get more oil as the summer driving season hits and gas prices climb toward $4/gallon again. Anyone who thinks the oil spill won't drive up prices at the pump is naive.

    May 4, 2010 01:33 pm at 1:33 pm |
  13. pam

    If our President allows more drilling it would be suicide for the Democrats.
    Please just say NO

    May 4, 2010 01:41 pm at 1:41 pm |
  14. Albert R. Killackey

    What we get is the message that what America needs today is an organic chicken in every pot and two electric cars in every garage!

    May 4, 2010 01:43 pm at 1:43 pm |
  15. Real American

    What do we get in exchange? More money for oil companies. We need to break our reliance on oil and develop alternative energy sources. And restrict the off shore drilling in US waters off the coasts of Red States so when they spill, the damage goes where it belongs and effects idiots who buy in to "drill, baby, drill".

    May 4, 2010 01:44 pm at 1:44 pm |
  16. Ruty

    Off shore drilling does NOT mean we are free from foreign oil.This oil from off our shores can land up in China or any where in the world. We must come up with alternative sources in order to be oil independent. NO to off shore drilling. Do the research–if you don't believe me.

    May 4, 2010 01:59 pm at 1:59 pm |
  17. Hugo

    Golly Gee, you would think that in an industry with such an exposure to disaster that there would be some State or Federal regulatory watch dog to assure that shut off or shear valves and fail safes are properly installed.... Probably is, they were probably eating donuts or watching porn.

    May 4, 2010 01:59 pm at 1:59 pm |
  18. Annie, Atlanta

    It is my understanding that even if we produce 2 million barrels a day, that it is included in the open market and goes to the highest bidder. That doesn't mean it is necessarily ours.

    And since when do corporations pay that kind of money in taxes? GE and Exxon didn't even pay a single penny in US taxes last year. I think the $30B figure is way off the mark.

    Its troubling the way the facts are skewered in this article.

    May 4, 2010 02:18 pm at 2:18 pm |
  19. Frank in valparaiso indiana

    Post a bond commisurate to the risk, say $10 billion. The big boys can afford that, that's 2 quarters profit. They can bankroll some of the smaller outfits. We need to up the bond, so be it. Its not like they can't afford to pay clean up costs. And there should be penalties for not doing it right.

    Bluntly, being from Texas initially, its not a clean bidness.

    May 4, 2010 02:35 pm at 2:35 pm |
  20. George Guadiane - Austerlitz, NY

    The short answer is "not enough."
    This disaster was a blatant failure to properly prepare.
    The one (and ONLY) thing that needed to work, in order to prevent this catastrophe didn't.
    SO, if there are better safety preparations, maybe redundant safety measures to insure that this cannot happen again, it would be plausible to proceed.

    May 4, 2010 02:38 pm at 2:38 pm |
  21. Don of Iowa

    Lets only drill off Republican states as they are the ones always screaming drill baby drill. That way when the crap hits the fanas we all know it will the Republican states will be the ones taking the losses and get their due payback for always screaming Drill Baby Driill. Sounds like justice to me!

    May 4, 2010 02:38 pm at 2:38 pm |